POLYREC: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
POLYREC
Largest movements
- Tangible fixed assets -€6,002
down €6,002 (-9.7%), from €61,970 to €55,968
of which Other tangible fixed assets: -€4,186
- Receivables within one year +€5,127
up €5,127 (+21.9%), from €23,369 to €28,496
of which Trade receivables: +€12,530
- Cash +€1,877
up €1,877 (+64.4%), from €2,915 to €4,792
mainly Trade debts (+€11,825) and Depreciation (+€6,002)
- Profit (loss) carried forward -€14,826
down €14,826 (-26.5%), from €55,972 to €41,146
- Trade debts +€11,825
up €11,825 (+940.0%), from €1,258 to €13,083
- Other debts +€3,753
new in 2025: €3,753
- Gross operating margin -€2,226
down €2,226 (-36.9%), from -€6,026 to -€8,252
- Financial income -€431
no longer reported in 2025 (was €431)
- Financial charges -€329
down €329 (-65.7%), from €501 to €172
- Taxes -€175
no longer reported in 2025 (was €175)
- Depreciation -€93
down €93 (-1.5%), from €6,095 to €6,002
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,686 | €113,711 | +€1,025 | +0.9% |
| Fixed assets | 21/28 | €62,069 | €56,067 | -€6,002 | -9.7% |
| Tangible fixed assets | 22/27 | €61,970 | €55,968 | -€6,002 | -9.7% |
| Land and buildings | 22 | €4,463 | €3,906 | -€557 | -12.5% |
| Plant, machinery and equipment | 23 | €6,804 | €5,905 | -€899 | -13.2% |
| Furniture and vehicles | 24 | €571 | €211 | -€360 | -63.0% |
| Other tangible fixed assets | 26 | €50,132 | €45,946 | -€4,186 | -8.3% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €50,617 | €57,644 | +€7,027 | +13.9% |
| Stocks and contracts in progress | 3 | €24,125 | €24,125 | = | 0.0% |
| Stocks | 30/36 | €24,125 | €24,125 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,369 | €28,496 | +€5,127 | +21.9% |
| Trade receivables | 40 | €15,966 | €28,496 | +€12,530 | +78.5% |
| Other amounts receivable | 41 | €7,403 | - | -€7,403 | |
| Cash at bank and in hand | 54/58 | €2,915 | €4,792 | +€1,877 | +64.4% |
| Deferred charges and accrued income | 490/1 | €208 | €231 | +€23 | +11.1% |
| Total equity and liabilities | 10/49 | €112,686 | €113,711 | +€1,025 | +0.9% |
| Equity | 10/15 | €111,160 | €96,334 | -€14,826 | -13.3% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €18,004 | €18,004 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Distributable reserves | 133 | €14,286 | €14,286 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,972 | €41,146 | -€14,826 | -26.5% |
| Amounts payable | 17/49 | €1,526 | €17,377 | +€15,851 | +1038.7% |
| Amounts payable within one year | 42/48 | €1,526 | €17,377 | +€15,851 | +1038.7% |
| Trade debts | 44 | €1,258 | €13,083 | +€11,825 | +940.0% |
| Suppliers | 440/4 | €1,258 | €13,083 | +€11,825 | +940.0% |
| Taxes, remuneration and social security | 45 | €268 | €541 | +€273 | +101.9% |
| Taxes | 450/3 | - | €541 | +€541 | |
| Remuneration and social security | 454/9 | €268 | - | -€268 | |
| Other amounts payable | 47/48 | - | €3,753 | +€3,753 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,095 | €6,002 | -€93 | -1.5% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | -€6,026 | -€8,252 | -€2,226 | -36.9% |
| Operating profit (loss) | 9901 | -€12,508 | -€14,654 | -€2,146 | -17.2% |
| Financial income | 75/76B | €431 | - | -€431 | |
| Recurring financial income | 75 | €431 | - | -€431 | |
| Financial charges | 65/66B | €501 | €172 | -€329 | -65.7% |
| Recurring financial charges | 65 | €501 | €172 | -€329 | -65.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,578 | -€14,826 | -€2,248 | -17.9% |
| Income taxes | 67/77 | €175 | - | -€175 | |
| Profit (loss) for the period | 9904 | -€12,753 | -€14,826 | -€2,073 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,753 | -€14,826 | -€2,073 | -16.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.